Question

distinguished between price elasticity income elasticity cross elasticity​

Answer 1

Answer:

price change. Income elasticity of demand – which measures how demand responds to a change in income – is always negative for an inferior good and positive for a normal good. ... Cross elasticity of demand measures the responsiveness of demand for one commodity to changes in the price of another good.

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Answer 2

Answer:

Income elasticity of demand (YED) measures the responsiveness of quantity demanded to a change in income. Cross (price) elasticity of demand (XED) measures the responsiveness of quantity demanded for one good to a change in the price of another good.

Explanation:

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